On the other hand if you wanted the total investment to be $200K it would most likely be a condo or townhouse. 

The property was handed down to my wife's siblings after her dad passed away.

If you are on cash accounting, yes you could do that.On the other hand, you are ignoring carry-forward losses. 

On the other hand, don't assume they were screwing you.

Quote from @Brian Malavsky: Totally agree with everyone else and I didn’t see anyone mention an “Umbrella Policy” I just got quoted this week for $1,000,000 coverage for only $350/yr.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

The bottom line is that you'll want to learn from someone for the first handful of deals and progressively take more and more on yourself until you can fly on your own.

A1: Yes. 1099s are for the annual total, not per job.Q2: Do I need to send 1099s for materials?

Giving them a financial hand to leave could be to your benefit, but I would keep that in my back pocket until its necessary. 7.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.